Page 1

BY-LAWS

OF

SHERBURNE AREA LOCAL DEVELOPMENT CORPORATION

Adopted February 19, 2008 Amended and Restated February 22, 2011


TABLE OF CONTENTS ARTICLE I - THE CORPORATION......................................................................................1 SECTION 1. - NAME.............................................................................................................1 SECTION 2. - OFFICES.........................................................................................................1 SECTION 3. - PURPOSES .....................................................................................................1 ARTICLE II - MEMBERSHIP ................................................................................................1 SECTION 1. - COMPOSITION OF MEMBERSHIP..............................................................1 SECTION 2. - RIGHTS AND POWERS OF THE MEMBERS. .............................................1 SECTION 3. - ANNUAL MEETING OF THE CORPORATION...........................................1 SECTION 4. - ANNUAL REPORT TO THE MEMBERS......................................................2 SECTION 5. - SPECIAL MEETING OF THE CORPORATION............................................2 SECTION 6. - PLACE OF MEETINGS; ORGANIZATION ..................................................2 SECTION 7. - NOTICE OF MEMBERSHIP MEETINGS; WAIVERS. .................................2 SECTION 8. - QUORUM OF MEMBERS .............................................................................3 SECTION 9. - ACTION BY THE MEMBERS .......................................................................3 SECTION 10. - PROPERTY RIGHTS OF MEMBERS. .........................................................3 ARTICLE III - BOARD OF DIRECTORS .............................................................................3 SECTION 1. - POWER OF BOARD OF DIRECTORS ..........................................................3 SECTION 2. - NUMBER, ELECTION AND TERM OF DIRECTORS..................................3 SECTION 3. - RESIGNATIONS AND REMOVAL OF DIRECTORS...................................4 SECTION 4. - NEWLY CREATED DIRECTORSHIPS AND VACANCIES.........................4 SECTION 5. - ANNUAL MEETING......................................................................................4 SECTION 6. - ANNUAL REPORT ........................................................................................5 SECTION 7. - SPECIAL MEETINGS AND NOTICE............................................................5 SECTION 8. - WAIVERS OF NOTICE..................................................................................5 SECTION 9. - PLACE OF MEETINGS..................................................................................5 SECTION 10. - OPEN MEETINGS........................................................................................5 SECTION 11. - FREEDOM OF INFORMATION. .................................................................5 SECTION 12. - QUORUM AND ADJOURNED MEETINGS ...............................................5 SECTION 13. - ACTION BY THE BOARD OF DIRECTORS ..............................................6 SECTION 14. - ORGANIZATION.........................................................................................6 SECTION 15. - ATTENDANCE AT MEETINGS..................................................................6 SECTION 16. - COMPENSATION ........................................................................................6 SECTION 17. - PROPERTY RIGHTS....................................................................................6 SECTION 18. - CORPORATE COMPLIANCE .....................................................................6 SECTION 19. - CODE OF ETHICS .......................................................................................7 SECTION 20. - ADMINISTRATIVE POLICIES ...................................................................7 SECTION 21. - BOARD TRAINING .....................................................................................7 ARTICLE IV - COMMITTEES ..............................................................................................7

i


SECTION 1 - STANDING COMMITTEES ...........................................................................7 SECTION 2. - SPECTIAL COMMITTEES ............................................................................8 SECTION 3. - MEETINGS.....................................................................................................8 SECTION 4. - QUORUM .......................................................................................................8 SECTION 5. - MANNER OF ACTING ..................................................................................8 ARTICLE V - OFFICERS .......................................................................................................8 SECTION 1. - PRESIDENT; OTHER OFFICERS..................................................................9 SECTION 2. - TERMS OF OFFICERS ..................................................................................9 SECTION 3. - ADDITIONAL OFFICERS .............................................................................9 SECTION 4. - REMOVAL OF OFFICERS ............................................................................9 SECTION 5. - RESIGNATION ..............................................................................................9 SECTION 6. - VACANCIES ..................................................................................................9 SECTION 7. - PRESIDENT ...................................................................................................9 SECTION 9. - SECRETARY................................................................................................10 SECTION 10. - TREASURER/CFO .....................................................................................10 ARTICLE VI - CONTRACTS, CHECKS, DRAFTS AND BANK ACCOUNTS .....................10 SECTION 1. - EXECUTION OF CONTRACTS ..................................................................10 SECTION 2. - LOANS .........................................................................................................11 SECTION 3. - CHECKS, DRAFTS, ETC. ............................................................................11 SECTION 4. - DEPOSITS ....................................................................................................11 SECTION 5. - INVESTMENTS ...........................................................................................11 ARTICLE VII - CONTRACTS, CHECKS, DRAFTS AND BANK ACCOUNTS....................11 SECTION 1. - EXECUTION OF CONTRACTS ..................................................................11 SECTION 2. - LOANS .........................................................................................................11 SECTION 3. - CHECKS, DRAFTS, ETC. ............................................................................11 SECTION 4. - DEPOSITS ....................................................................................................11 SECTION 5. - INVESTMENTS ...........................................................................................11 ARTICLE VIII - FISCAL YEAR ..........................................................................................11 SECTION 1. - SEAL ............................................................................................................11 SECTION 2. - BOOKS AND RECORDS .............................................................................11 SECTION 3. - INDEMNIFICATION ...................................................................................11 SECTION 4. - INTERESTED DIRECTORS AND OFFICERS ............................................12 ARTICLE IX - RULES OF ORDER AND BYLAW CHANGES .............................................12 SECTION 1. - RULES OF ORDER ......................................................................................12 SECTION 2. - BYLAW CHANGES.....................................................................................12

ii


BY-LAWS OF SHERBURNE AREA LOCAL DEVELOPMENT CORPORATION ARTICLE I - THE CORPORATION SECTION 1. - NAME. The Corporation shall be known as “Sherburne Area Local Development Corporation.” SECTION 2. - OFFICES. The principal office of the Corporation shall be located in the Village of Sherburne, New York (the “Village”). The Corporation may also have offices at such other places within the State of New York as the Board of Directors may from time to time determine or the activities of the Corporation may require. SECTION 3. - PURPOSES. The Corporation shall have such purposes as are now or hereafter set forth in its Certificate of Incorporation. ARTICLE II - MEMBERSHIP SECTION 1. - COMPOSITION OF MEMBERSHIP. The initial Member of the Corporation shall be the Village of Sherburne, New York, acting by and through its Mayor, ex officio, who from time to time shall appoint voting and nonvoting members of the Board of Directors of the Corporation, SECTION 2. - RIGHTS AND POWERS OF THE MEMBERS. The Members shall have and exercise all the rights and powers of corporate membership created by the laws of the State of New York, the Certificate of Incorporation and the By-laws of the Corporation. SECTION 3. - ANNUAL MEETING OF THE CORPORATION. The Members shall hold an annual meeting of the Corporation within six months after the end of each fiscal year at a convenient time and place designated by the Members. At the annual meeting, the Members shall appoint Directors for positions where a new directorship is created

1


or the term of a Director has expired, receive the annual report and transact such other business as may properly come before the meeting; provided, however, that that such Directors shall not be the same persons as the CEO or the Treasurer/CFO of the Corporation. SECTION 4. - ANNUAL REPORT TO THE MEMBERS. At the annual meeting of the Corporation, the President, CEO and the Treasurer/CFO of the Corporation shall present an annual report showing in appropriate detail the following information: (a) A complete verified or audited financial statement of the Corporation for the fiscal year immediately preceding the date of the report showing the assets and liabilities, principal changes in assets and liabilities, revenue, receipts, expenses and disbursements of the Corporation; and (b)

A summary of the activities of the Corporation during the preceding year.

The annual report shall be filed with the minutes of the annual meeting. SECTION 5. - SPECIAL MEETING OF THE CORPORATION. Special meetings of the Corporation may be called at any time by the President and shall be called by the Secretary within fourteen (14) days of receipt of a written request from ten percent (10%) or more of the Members. Such request shall state the purpose or purposes for the proposed meeting. Business transacted at a special meeting shall be confined to the purposes stated in the notice of such meeting. SECTION 6. - PLACE OF MEETINGS; ORGANIZATION. All membership meetings shall be held at the principal office of the Corporation or at such other convenient location as may be determined by the Members of the Corporation. At each membership meeting, the President, or, in his or her absence, the chairperson chosen by a majority of the Members present, shall preside. The Secretary, or in his or her absence, a person chosen by a majority of the Members present, shall keep complete and accurate minutes of the meeting. SECTION 7. - NOTICE OF MEMBERSHIP MEETINGS; WAIVERS. (a) Notice of each membership meeting shall state the purpose or purposes for which the meeting is called, the place, date and time of the meeting and, unless it is the annual meeting, shall indicate that it is being issued by or at the direction of the person or persons calling the meeting. Such notice shall be given either personally or by mail to each Member not less than ten (10) nor more than fifty (50) days before the date of the meeting. If mailed, the notice is given when deposited in the Untied States mail, with postage thereon prepaid, directed to a Member at his or her address as it appears on the record of Members or, if he or she shall have

2


filed with the Secretary a written request that notices be mailed to some other address, then directed to such other address. (b) Formal notice of meeting need not be given to a Member if he or she executes a waiver of notice, either before or after the meeting. The attendance of a Member at a meeting, without protesting prior to the conclusion of the meeting the lack of notice of such meeting, shall constitute a waiver of notice. SECTION 8. - QUORUM OF MEMBERS. (a) The presence of at least a majority of the Members shall constitute a quorum for the transaction of business at any annual or special membership meeting. (b) A majority of the Members present at a meeting, whether or not a quorum is present, may adjourn any membership meeting to another time and place. Notice of the time and place of holding an adjourned meeting need not be given to absent Members if the time and place is announced at the meeting adjourned. SECTION 9. - ACTION BY THE MEMBERS. (a) Each Member shall be entitled to one vote on each matter properly submitted to the Members for action at any meeting of the Members. Unless otherwise required by law or these Bylaws, the vote of the majority of Members present at the time of a vote at a duly convened meeting, provided a quorum is then present, shall be the act of the Members. (b) Every Member entitled to vote at a meeting of Members may authorize another person or persons to act for him or her by proxy. Every proxy must be signed by the Member or the Member's attorney-in-fact. No proxy shall be valid after the expiration of eleven (11) months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Member executing it, except as otherwise provided by law. SECTION 10. - PROPERTY RIGHTS OF MEMBERS. The Members shall not have any right or interests in or to the property or assets of the Corporation. ARTICLE III - BOARD OF DIRECTORS SECTION 1. - POWER OF BOARD OF DIRECTORS. The Corporation shall be managed by its Board of Directors, which shall establish all general policies governing its operations. SECTION 2. - NUMBER, ELECTION AND TERM OF DIRECTORS.

3


(a) The number of voting Directors shall be no less than three but no more than seven, with the exact number of voting Directors to be established by a resolution adopted by the Members. The voting Directors shall exercise all rights of Directors as described herein and in the Certificate of Incorporation or any applicable resolution. Up to an additional 13 individuals can be elected as non-voting Directors of the Board who shall serve for one year terms and act in an advisory capacity only to the voting Directors. The non-voting Directors shall hold that title merely in an advisory capacity to the voting Directors. The designation of non-voting Directors does not create any rights for any individual so designated to notice or other participation except at the request of the voting Directors; provided however, said non-voting Directors shall enjoy the benefits of any indemnification of directors as determined herein or as determined from time to time. Any subsequent increase or decrease in the size of the Board of Directors will require the approval of the Members and the affirmative vote of the majority of the voting Directors. As used in these By-laws, “the entire Board of voting Directors� means the total number of voting Directors that the Corporation would have if there were no vacancies on the Board. (b) The voting Directors shall be divided into classes, which shall be elected on a staggered basis, with one class elected each year. The number of classes shall be five or, if less, equal to the number of voting Directors. The voting Directors in each class shall be as nearly equal in number as possible. (c)

Voting Directors shall be eligible to serve an unlimited number of consecutive

terms. (d) Neither the CEO nor the Treasurer/CFO shall serve as Directors of the Corporation. SECTION 3. - RESIGNATIONS AND REMOVAL OF DIRECTORS. (a) Any Director of the Corporation may resign at any time by giving written notice to the President or the Secretary. Such resignation shall take effect at the time specified therein or, if no time is specified, then on delivery. Acceptance of the resignation shall not be necessary to make it effective. (b) Any Director may be removed from the Board with or without cause by the affirmative vote of the Members. SECTION 4. - NEWLY CREATED DIRECTORSHIPS AND VACANCIES. Newly created directorships resulting from an increase in the number of directors, and vacancies occurring for any reason, shall be filled by the Members as soon as practicable but in no event later than sixty (60) days after the increase or vacancy occurs. A Director elected to fill a vacancy caused by resignation, death, disability or removal shall hold office for the unexpired term of his or her predecessor in office and until a successor is elected and takes office. SECTION 5. - ANNUAL MEETING.

4


The annual meeting of the Board of Directors shall be held after the annual meeting of the Corporation described in Article II, Section 3 above at a convenient time and location designated by the Board. Written notice of the annual meeting shall be mailed or delivered to each voting Director of the Corporation prior to the meeting. SECTION 6. - ANNUAL REPORT. The President and the Treasurer shall present at the annual meeting of the Board of Directors a copy of the annual report described in Article II, Section 4 above. SECTION 7. - SPECIAL MEETINGS AND NOTICE. Special meetings of the Board of Directors may be called at any time by the President or any other officer of the Corporation. Written notice shall be mailed or delivered to each voting Director of the Corporation prior to the meeting. Said notice shall state the purposes, time and place of the special meeting and that no business other than that specified in the notice may be transacted. SECTION 8. - WAIVERS OF NOTICE. Notice of a meeting need not be given to any voting Director who submits a signed waiver of notice whether before or after the meeting, or who attends the meeting without protesting, prior thereto or at its commencement, the lack of notice to him or her. SECTION 9. - PLACE OF MEETINGS. The Board of Directors may hold its meetings at such place or places within or outside the State of New York as the voting Directors may from time to time by resolution determine. SECTION 10. – OPEN MEETINGS To the extent required by law, the Corporation shall comply with the Open Meetings Law of the State of New York, as set forth within Article 7 of the Public Officers Law. SECTION 11. – FREEDOM OF INFORMATION To the extent required by law, the Corporation shall comply with the Freedom of Information Law of the State of New York, as set forth within Article 6 of the Public Officers Law. SECTION 12. - QUORUM AND ADJOURNED MEETINGS. (a) A majority of the entire Board of voting Directors shall constitute a quorum for the transaction of business at meetings of the Board. When a quorum is once present to organize a meeting, it shall not be broken by the subsequent withdrawal of any Director(s).

5


(b) A majority of the voting Directors present, whether or not a quorum is present, may adjourn any Board meeting to another time and place. If a quorum is present at the adjourned meeting, any business may be transacted that might have been transacted on the original date of the meeting. Notice of the adjourned meeting shall be given to all voting Directors. SECTION 13. - ACTION BY THE BOARD OF DIRECTORS. Any corporate action to be taken by the Board of Directors means action at a meeting of the Board. Each voting Director shall have one vote regarding any corporate action to be taken by the Board. Except as otherwise provided by law or these By-laws, the vote of a majority of the voting Directors present at the time of the vote at a duly convened meeting at which a quorum is present shall be the act of the Board of Directors. All references to actions of the Board of Directors herein and in the Certificate of Incorporation shall mean the affirmative vote of a majority of the voting Directors present at the time of the vote at a duly convened meeting at which a quorum is present. SECTION 14. - ORGANIZATION. At each meeting of the Board of Directors, the President shall preside. The Secretary, or, in his or her absence, a person chosen by a majority of the voting Directors present, shall keep complete and accurate minutes of the meeting. SECTION 15. - ATTENDANCE AT MEETINGS. Attendance at each meeting of the Board shall be recorded by the Secretary in the minutes thereof. SECTION 16. - COMPENSATION. The Directors shall serve without compensation. All Directors may be reimbursed for reasonable expenses incurred in the performance of corporate duties. SECTION 17. - PROPERTY RIGHTS. No Director of the corporation shall, by reason of that position, have any rights to or interest in the property or assets of the Corporation. SECTION 18. - CORPORATE COMPLIANCE. The Corporation shall comply in all respects with applicable provisions of the Public Authorities Accountability Act of 2005 (“PAAA”) and the Public Authority Reform Act of 2009 (“PARA”).

6


SECTION 19. - CODE OF ETHICS. The Corporation shall adopt and maintain a code of ethics that is applicable to members, directors, officers and employees of the Corporation. SECTION 20. - ADMINISTRATIVE POLICIES. The Corporation shall establish policies regarding: investments, travel, property acquisition and disposition, procurement, and, defense and indemnification, and such other policies as determined necessary or desirable by the Board of Directors from time to time. SECTION 21. - BOARD TRAINING. In accordance with PAAA, Directors of the Corporation must participate in state approved training regarding their legal, fiduciary, financial and ethical responsibilities within one year of appointment. ARTICLE IV - COMMITTEES SECTION 1. - STANDING COMMITTEES. (a) The Standing Committees of the Board shall be as described in subparagraph (b) below. Except as otherwise provided by these By-laws, each Standing Committee shall consist of at least three voting Directors. No Standing Committee shall have authority as to the following matters:

(b)

(i) (ii)

The submission to the Members of any action requiring its approval; The filling of vacancies on the Board of Directors or any committee;

(iii)

The amendment or repeal of these By-laws or the adoption of new Bylaws; or

(iv)

The amendment or repeal of any resolution of the Board which by its terms is not so amendable or repealable.

The Corporation shall have the following Standing Committees. (i)

Governance Committee. The Corporation hereby establishes and shall maintain a Governance Committee that shall: (1) keep the Board of Directors informed of current best governance practices; (2) review corporate governance trends; (3) update the Corporation’s corporate governance principles; (4) advise the Village, as the sole Member of the Corporation, on the skills and experiences required of potential Board members; (5) examine ethical and conflict of interest issues; (6) perform

7


self-evaluations; and (7) recommend periodic by-law revisions, including rules and procedures for the conduct of business of the Corporation. The Governance Committee shall operate and be governed by a charter adopted by the Board of Directors and amended from time to time. (ii) Audit and Finance Committee. The Corporation hereby establishes and shall maintain an Audit and Finance Committee that shall recommend to the Board of Directors the hiring of a certified independent public accounting firm for the Corporation, establish the compensation to be paid to the accounting firm, provide direct oversight of the performance of the independent audit performed by; the accounting firm hired for such purpose, and to review proposals for the issuance of debt and to make recommendations regarding such proposed issuance. The Audit and Finance Committee shall operate and be governed by a charter adopted by the Board of Directors and amended from time to time. SECTION 2. - SPECIAL COMMITTEES. The Board of Directors, by resolution adopted by a majority of the entire Board of voting Directors, may create Special Committees, which shall have only the powers specifically delegated to them and shall in no case have powers which are not authorized for Standing Committees. The members of Special Committees shall be appointed by the President from among the Directors, with the approval of the Board. SECTION 3. - MEETINGS. Meetings of committees shall be held at such times and places as shall be fixed by the respective committee chairmen, or by vote of a majority of all of the members of the committee. Written notice shall be mailed (via regular mail or electronic mail) or delivered to all members of the committee prior to each meeting. Written minutes of the proceedings shall be kept at all committee meetings and shall be submitted at the next meeting of the Board. The President, or his or her designee, may attend all committee meetings. SECTION 4. - QUORUM. Unless otherwise provided by resolution of the Board of Directors, a majority of all of the members of a committee shall constitute a quorum for the transaction of business. SECTION 5. - MANNER OF ACTING. Any corporate action to be taken by a committee shall mean such action to be taken at a meeting of the committee. Action by a committee shall be taken by majority vote at a meeting. ARTICLE V - OFFICERS

8


SECTION 1. - PRESIDENT; OTHER OFFICERS. The Corporation shall have a President, a Chief Executive Officer (“CEO”), a Treasurer/Chief Financial Officer (“CFO”), and a Secretary and other officers and assistant officers as the Board of Directors may determine. The offices of President and Secretary shall not be held by the same person. The officers shall have such duties as may be prescribed by these By-laws and the Board of Directors. SECTION 2. - TERMS OF OFFICERS. The officers shall be elected by the voting Directors at the Corporation’s annual meeting. Unless a shorter term is provided in the resolution of the Board electing such officer, the term of office of each officer shall extend for one year after his or her election and until a successor is elected or appointed and qualified. Officers shall be eligible to serve an unlimited number of consecutive terms. SECTION 3. - ADDITIONAL OFFICERS. Additional officers may be elected for such period, have such authority and perform such duties, either in an administrative or subordinate capacity, as the Board of Directors may from time to time determine. Such positions may include an Acting Secretary, and any other position established by the Board of Directors from time to time. SECTION 4. - REMOVAL OF OFFICERS. Any officer may be removed by vote of the voting Directors, with or without cause, at any time, provided there is a quorum of not less than a majority of the entire Board of voting Directors present at the meeting at which such action is taken. SECTION 5. - RESIGNATION. Any officer may resign at any time by giving written notice to the Board of Directors, the President or the Secretary. Any such resignation shall take effect at the time specified therein, or, if no time is specified, then on delivery. Acceptance of the resignation shall not be necessary to make it effective. SECTION 6. - VACANCIES. A vacancy in any office of the Corporation shall be filled by the majority vote of the entire Board of voting Directors. SECTION 7. - PRESIDENT. The President shall be elected from and by the Board of Directors of the Corporation and shall generally supervise all its affairs. The President shall serve as the presiding officer and set

9


the agenda for all meetings of the Board of Directors and perform such other duties as may be assigned to him or her from time to time by the Board of Directors. SECTION 8. CHIEF EXECUTIVE OFFICER (“CEO”) The Chief Executive Officer shall be appointed by the by the Board of Directors and shall report to the President in connection with the day to day operations of the Corporation. The CEO shall perform such other duties as may be assigned to him or her from time to time by the Board of Directors. SECTION 9. - SECRETARY. It shall be the duty of the Secretary to supervise the preparation of minutes of all meetings of the Members and the Board of Directors and its committees, the giving of all notices required to be given by the Corporation, and the keeping of a current list of the Corporation's Members, Directors and officers and their residence addresses. The Secretary shall be responsible for supervising the preparation and maintenance of the books and records of the Corporation. The Secretary shall attend to such correspondence as may be assigned to him or her and perform all the duties customarily incidental to that office and such other duties as may be assigned to him or her by the Board of Directors or the President. From time to time, the Board of Directors may designate duties of the Secretary to an appointed Acting Secretary who will perform such duties as may be assigned to him or her. SECTION 10. – TREASURER/CFO. It shall be the duty of the Treasurer, as Chief Financial Officer of the Corporation, to oversee the financial affairs of the Corporation, report at each regular meeting of the Board of Directors, and participate in preparing the annual report of the Corporation and the filing of all required tax returns and other regulatory reports. The Treasurer shall perform such other duties as may be assigned to him or her by the Board of Directors or the President. From time to time, the Board of Directors may employ or contract with an appointed Acting Treasurer to whom the Board of Directors may designate certain duties of the Treasurer and other such duties as may be assigned to him or her. ARTICLE VI - CONTRACTS, CHECKS, DRAFTS AND BANK ACCOUNTS SECTION 1. - EXECUTION OF CONTRACTS. The Board of Directors, except as these By-laws otherwise provide, may authorize any officer or officers, agent or agents, employee or employees, in the name of and on behalf of the Corporation, to enter into any contract or execute and deliver any instrument, and such authority may be general or confined to specific instances; but, unless so authorized by the Board of Directors, or expressly authorized by these By-laws, no officer, agent or employee shall have any

10


power or authority to bind the Corporation by any contract or engagement or to pledge its credit or to render it liable pecuniarily in any amount for any purpose. SECTION 2. - LOANS. No loans shall be contracted on behalf of the Corporation unless specifically authorized by the Board of Directors. SECTION 3. - CHECKS, DRAFTS, ETC. All checks, drafts and other orders for the payment of money out of the funds of the Corporation, and all notes or other evidences of indebtedness of the Corporation, must be signed on behalf of the Corporation by the President, Vice-President or Chief Executive Officer and the Secretary, Treasurer or Acting Secretary. SECTION 4. - DEPOSITS. All funds of the Corporation not otherwise employed shall be deposited from time to time to the credit of the Corporation in such banks, trust companies or other depositories as the Treasurer may recommend and the Board of Directors approves. SECTION 5. - INVESTMENTS. The Board of Directors may authorize the Corporation to contract with an investment advisor and custodian to manage its investments in accordance with an investment policy established by the Board. ARTICLE VII - GENERAL SECTION 1. - SEAL. The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization, and the words “Corporate Seal, New York.� The seal may be used by causing it or a facsimile thereof to be impressed or affixed or otherwise reproduced. SECTION 2. - BOOKS AND RECORDS. There shall be kept by the Corporation (1) correct and complete books and records of account, (2) minutes and statements of written action by the Members, (3) minutes of the proceedings of the Board of Directors and its committees, (4) a current list of the Members, Directors and officers of the Corporation and their residence addresses, (5) a copy of the Certificate of Incorporation, and (6) a copy of these By-laws. SECTION 3. - INDEMNIFICATION.

11


The Corporation shall indemnify each Member, each Director, each officer, and, to the extent authorized by the Board of Directors, each other person authorized to act for the Corporation or on its behalf, to the full extent to which indemnification is permitted under the Not-For-Profit Corporation Law. SECTION 4. - INTERESTED DIRECTORS AND OFFICERS. The Board of Directors may adopt a policy regarding conflicts of interest which shall apply to all directors and officers. ARTICLE VIII - FISCAL YEAR The fiscal year of the Corporation shall commence on the first day of January of each calendar year and end on the last day of December. ARTICLE IX - RULES OF ORDER AND BYLAW CHANGES SECTION 1. - RULES OF ORDER. Meetings of the Members and the Board of Directors and its committees shall be governed by Robert's Rules of Order, except in cases otherwise provided for by these By-laws. SECTION 2. - BYLAW CHANGES. These By-laws may be amended, repealed or adopted only by the Members of the Corporation.

12

SALDC By Laws  

By Laws of the Sherburne Area Land Development Corporation

Read more
Read more
Similar to
Popular now
Just for you